MGM Wireless (ASX:MWR) see record revenue and revised guidance

Company News

by Rachael Jones

Technology company MGM Wireless (ASX:MWR) today reported results for 1H FY20 showing revenue up 87 per cent to $7.6 million.

This result was due to strong sales of SPACETALK which grew 140 per cent to $6.3 million including AllMyTribe app sales of $0.5 million.

Net loss is $2.7 million, due to one-off non-cash expense of options issued of $2.4 million.

UK sales were reported for the first time, recording $1.22 million in revenue mostly though Sky, Europe’s leading media, entertainment and telecommunications company, as well as Dixons Carphone’s Currys PCWorld online and the Company’s website.

Shares in MGM Wireless (ASX:MWR) are trading 6.1 per cent higher at 18 cents.